ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small
tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most
products are sold direct via its company catalogue and internet site. However, given some of its
speciality products, select farm implement stores carry ABC's products. Pricing and cost
information on three of ABC's most popular products are as follows
Item
Mini - trencher
Power fence hole auger
Grain/hay dryer
Standalone selling Price (Cost)
$3,600 ($2,000)
1,200 ($800)
14,000 ($11,000)
Respond to the requirements related to the following independent revenue arrangements for ABC
Ranch and Farm
a. On January 1,2019 ABC sells 40 augers to Mills Farm & Fleet for $48,000. Mills signs a
6-month note at an annual interest rate of 12%. ABC allows Mills to return any auger that
it cannot use within 60 days and receive a full refund. Based on prior experience, ABC
estimates that 5% of units sold to customers like Mills will be returned (using the most
likely outcomc approach). ABC's costs to recover the products will be immaterial and the
returned augers are expected to be resold at a profit
Required: Prepare the journal entry for ABC on January 1,2019 (6marks)
Answers: 1
Business, 21.06.2019 20:00, kay4173
Answer the following questions using the data given below. annual percent return on mutual funds (n = 17) last year (x) this year (y) 11.9 15.4 19.5 26.7 11.2 18.2 14.1 16.7 14.2 13.2 5.2 16.4 20.7 21.1 11.3 12.0 –1.1 12.1 3.9 7.4 12.9 11.5 12.4 23.0 12.5 12.7 2.7 15.1 8.8 18.7 7.2 9.9 5.9 18.9
Answers: 3
Business, 22.06.2019 23:30, glissman8459
What is the difference between career options in the law enforcement pathway and career options in the correction services pathway?
Answers: 1
Business, 23.06.2019 00:50, tami5
Hubert manages a grocery store in a country experiencing a high rate of inflation. to keep up with inflation, he spends a lot of time every day updating the prices, printing new price tags, and sending out newspaper inserts advertising the new prices. his employees regularly deal with customer annoyance over the frequent price changes. this is an example of the of inflation.
Answers: 2
ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small
to...
Chemistry, 27.05.2021 08:10
Mathematics, 27.05.2021 08:10
Mathematics, 27.05.2021 08:10
Mathematics, 27.05.2021 08:10
Mathematics, 27.05.2021 08:10